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China ....and the Dollar

Markets don't like Treasury talking down the dollar's status.

As if the dollar didn't have enough problems, Timothy Geithner took China's bait yesterday and said he was "quite open" to its suggestion this week to displace the greenback with an "international reserve currency." The dollar promptly fell and stocks followed, before the Treasury Secretary re-emerged to say "the dollar remains the world's dominant reserve currency. I think that's likely to continue for a long time."

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Created by Asia 42 weeks 1 day ago – Made popular 42 weeks 1 day ago
Category: World   Tags:
5

China Calls For New Global Currency.

China calls for new global currency controlled by International Monetary Fund.

By JOE McDONALD (Associate Press Business Writer).

China is calling for a new global currency controlled by the International Monetary Fund, stepping up pressure ahead of a London summit of global leaders for changes to a financial system dominated by the U.S. dollar and Western governments.

he comments, in an essay by the Chinese central bank governor released late Monday, reflects Beijing's growing assertiveness in economic affairs. China is expected to press for developing countries to have a bigger say in finance when leaders of the Group of 20 major economies meet April 2 in London to discuss the global crisis.

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Created by Nemo 42 weeks 2 days ago – Made popular 42 weeks 2 days ago
Category: World   Tags:

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